Rumors That China To Scrap Ethanol Program As Corn Reserves Drop

Rumors That China To Scrap Ethanol Program As Corn Reserves Drop

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China's corn reserve is now down to 56 million metric tons after an auction purge.

According to Agricensus, the country just took part in its 4th consecutive annual auction to cut back on the overwhelming stocks and help regulate its domestic corn price. At the beginning of this marketing year, the USDA estimated China had 211 million metric tons of corn.

Trade floor rumors spread that China is planning to scrap its 2020 ethanol mandate because of the low stocks. Ted Seifried, with Zaner Ag Hedge, says the decision means China won't be in the market for U.S. ethanol anytime soon unless the administration works out a trade deal.

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